The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-25
RRlGHTFUL TUsBLING OF RAIL
WAY AND OTHER SECUBIEIEs.
Manhattan Leads, With Fall From
156 to 12O, or Over SO Per
Cent.
RECUPERAfI0N FOLLOWS ABUL-
LETIN FROM JAY GOULD.
1t Was Only One of Those Little
Events Which the State Of the
Market Demanded.

New YoRK, June 24.-The Stock
Exchange this morAing became ex
'remely active and { xcited with heavy
declines. The market opened with Z
feeling Of confidence in many of the
stocks which suffered severely ysster.
day, and large supporting orders were
gwen ell over The room. In few
moments, however, there was very
heavy telling apparent and report
was started lhst there had been tall.
ing out between Jay Gould and Rus
sell Sage and Cyrus W. Field. At the
came time Berdan offered some heavy
blocks OF Manhattan stock, which
we're taken by Wright & Co., and in a
snort period the sales by Bsfdsn
amounted to 1000 shares and Wright's
purchases to 1l,000 shares. These
sales were made at about 156, but as
soon as Wright & Co.'S orders were
filed prices broke to 1494, and at that
point Minsheimer g. 90. had a stop
order sad they offered the stock down
l9 per cent. without making sale. A
rally did not occur until the prices
reached 120-s fall of 383 per cent
from the opening figures.
The room was crowded with brokers
and tie decline brought out selling
orders in all classes of securities.
Western Union, which held firm for
while, began to break about IL o'clock
and In fifteen minutes dropped 5 per
cent. The fall in otberstocks was cores
pondingly great. The greatest excite.
ment was in the loan crowd, where
many inquiries were made for loans
on call, but the parties who have been
prominet in leaning money refused to
lend any amount, no matter how
small. The excitement reached it's
greatest hight shortly before noon
and veritsble panic was developed,
No attention was paid by brokers to
fractions In sales made by them
and fluctuations were 80 wild that
Gales were sometimes from to 10 per
cent. apart. The stocks bought near
the opening were thrown over when
the break occurred, and this selling
completely dem0ralized speculators.
Marking down of loans and delivery
of orders kept the clerks and meseen-
gers fully as busy as the brokers, and
the street was scene Of more excite
ment than has been witnessed since
the panic In May, 1885. The greatest
declines so far recorded are: Manhat.
tan, 40S to 1l6; Missouri Pacific, ii to
933; Cotton Seed, Ito 80; Richmond
and Terminal, "a TO 26; New England,
6 to 45a, and Lake Erie and Western,
8 to 53A.
The room during the panic was filed
with runners Of all kinds, and tele.
grams from oil points followed each |
other in rapid succession, giving sell |
ing orders and inquiring about the /
many reports which were by this time
circulated all over the country. The
increased short interest saved the
room from money panic by the de-
mand for stocks for delivery, and S. V.
White and some other large operators
the market and began buying
freely. They soon gathered large
following, and the buying turned the
market almost as rapidly as it had
fallen, and stocks took long Jumps
back to their former prices. Manhat-
tan recovered 20 per cent. OF its loss,
and other stocks generally recovered
about bali the decline recorded. No
failures were announced ss the result
3f the break.
1850 P.M-A reporter OF the AS
sociated Press Just saw Mr.. Gould ia
his Office, and Mr.. Gould furnished
nim with the following:
70 John J. KiernAn:
The bulletin that you are putting
,ut that my Manhattan stock is in loan
g q malicious falsehood. Not share
Il my Manhattan is in loan or has had
ny name on the back, nor do l owe q
iollar in the world. You should
promptly contradict. Yours truly,
Mr.. Gould said further that the
tory that he and Mr.. Cyrus W. Field
lad quarrelled was untrue; that he |
md Mr.. Field were ss good friends as
'ver. The rumor that Mr.. Field is in
rouble is also haseless. II
l:55 P.k-Tte only failures 80 far
eported resulting from the break in |
be stock market were in the Oonsoli- |
ated Exchange, where 5000 shares OF
arious stocks were sold for the &C.
ount Of Thomas Murphy, who was
nable to respond to the call for more |
Margins, and some small lots were
losed out for la broker named Casey,
Tho was reported sick and unable to
ppear. Money Is ruling steady at I
or cent. day and interest, equal to
s. per cent per annum.
2:16 Pm - The stock market | 7
h Quad afona of n baIk ;,, JooJl.o. L. 4
IRE IL o'clock, and after that time
acovery was soon In progress.
t2:15p p. m.--In most cases the greater l
art of the loss was recovered by l '
clock, Missouri Pacific making the
reatest advance as measured by fig.
res, although it did not get within 8 h
or cent. Of Its opening price. Man. Y
attain, on the contrary, was persist h
ntly in the neighborhood of its noon II
rice. With the increasing strength, o
,e activity disappeared, and BY 6
clock p. m. the market had become b
dull as a. any time in the past few o
ays. Toward 8 o'clock p. m. there O
as q renewal OF the heavinees with q a
lore activity, but 1t sgsin disap-
cared, and at 2:l6 the market is quiet
nd firm.
2:20 P.k-When the delivery hour
assed at the Stock Exchange without
ringing announcement OF any fail
res, the street became more confident,
ld buying orders were received from
| sources. The bears attempted to s
'ver the same time that the big Op- 0
ators like Schepp began to buy, and a
Ie consequence was almost all the Il
20 sustained during the panic Of the 81
orniDg was regained. Schspp bid for ii
onks OF 5000 shares at a time, and +
30 4erbilt brokers made bids for Il
large blocks Of their special. y